Income taxes: credits: backup electricity generators.

The Personal Income Tax Law and Corporate Tax Law allow various credits against the taxes imposed by those laws. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2022, and before January 1, 2027, in an amount that is equal to 50% of the amount incurred by a natural person or a small business, as defined, during the taxable year for the purchase, that does not exceed $18,000, of a backup generator for use in a residence or commercial property in a designated wildfire zone, as defined. The bill would also include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.